§ 4796. Commissions; payment; acceptance
(a) An insurance company, insurance producer, limited lines, or surplus lines broker shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.
(b) A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this State if that person is required to be licensed under this chapter and is not so licensed.
(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this State if that person was required to be licensed under this chapter at the time of the sale, solicitation, or negotiation and was so licensed at the time.
(d) An insurer, insurance producer, or limited lines producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this State, unless the payment would violate subdivision 4724(8) of this title.
(e) A person licensed under this chapter shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, negotiating, or otherwise orchestrating the sale, enrollment, membership, or other connection between a Vermont resident and any arrangement involving the sharing of health-related expenses that is not insurance as defined in section 3301a of this title. (Amended 1973, No. 217 (Adj. Sess.), § 6; 2001, No. 97 (Adj. Sess.), § 5; 2019, No. 63, § 8, eff. June 17, 2019.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 131 - Licensing Requirements
§ 4793. General license requirements
§ 4796. Commissions; payment; acceptance
§ 4804. License denial; nonrenewal; or termination causes
§ 4806. Suspension, revocation, or termination of license
§ 4807. Surplus lines insurance broker
§ 4808. Representative of fraternal benefit societies
§ 4813d. Exceptions to licensing
§ 4813e. Application for examination
§ 4813f. Application for license
§ 4813h. Nonresident licensing
§ 4813i. Exemption from examination
§ 4813m. Notification to Commissioner of termination
§ 4816. Applicability of subchapter to controlling producers
§ 4819. Duties of insurers and reinsurers
§ 4821. Maintenance of books and records
§ 4823. Other requirements of managing general agents and reinsurance intermediaries